Mature Field Production Enhancement Contract ... - Petroleumclub.ro

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<strong>Mature</strong> <strong>Field</strong> <strong>Production</strong> <strong>Enhancement</strong> <strong>Contract</strong> ConceptTicleni <strong>Production</strong> <strong>Enhancement</strong> Services Agreement (PEC)• Signed 6 th July 2010, 15 years duration with a 10 year extensionoption• OMV Petrom retain title to reserves , production and the concession• Petrofac will operate and invest capital funds in further developing the<strong>Field</strong>s with the goal of increasing production and <strong>Field</strong> life• Petrofac will introduce new technology, work practices and enhancedrecovery techniques to achieve this goal• Petrom will reimburse Petrofac on a tariff per Tonne produced basis• There is a Baseline production target with an incremental tariffpayable for Tonnes produced above Baseline• Petrofac will fund OPEX and CAPEX investment from its tariff revenue• There is a Minimum Work Obligation Euro Budget that Petrofacguarantee to invest• A Joint Management Committee guides and directsRomanian Upstream Conference 201124 March 2011
<strong>Mature</strong> <strong>Field</strong> <strong>Production</strong> <strong>Enhancement</strong> <strong>Contract</strong> ConceptPEC Mobilisation to Takeover• <strong>Contract</strong> Signed 6 th July 2010 with a Takeover date 1 November 2010• Mobilisation commenced - 1st August 2010 – 3 months to prepare• Joint Petrom/Petrofac Mobilisation Teams formed with dedicated resources –– 8 work streams covering -HR; HSE; IT; Finance; Business Services ;Wells;Facilities/ Maintenance ; <strong>Production</strong>– Team Charters agreed - Milestones and Deliverables set– Risk Register prepared and managed• Weekly Progress meetings and reports – integrated plan with critical pathactivities monitored daily• Petrofac internal review ( expert team) confirming Operational Readiness lateOctober 2010 before Takeover-Were we ready to Operate Safely???- YES!!Romanian Upstream Conference 201124 March 2011
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